- Report: #1249591
Complaint Review: RISE Credit - Internet
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RISE Credit
Internet, USA
Web:
risecredit.com
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RISE Credit Bait and switch, hard inquiries, false reporting Fort Worth Internet, TX
Report Attachments
Rise Credit is one of the several options available for those with bad credit to get a personal loan. They claim to be one of the few who can help you build your credit and who may offer reasonable rates. They use TransUnion for reference/reporting.
I applied to Rise twice, with a TransUnion rating of 595 and then 625 -- crappy, yes, but not terrible. Rise made two hard inquiries on my credit, and both times tried to loop me into the worst loan they offer: $2600 at an APR of 220%. They say this is the rate for the riskiest consumers, but to arrive at this rate, they falsely reported my credit rating below 540, BOTH times. This, even though I raised my score by over 20 points in-between inquiries. They offered no explanation for this, after multiple emails, and they would not respond when I disputed the score they reported. Their customer service passes the buck, so don't try to get any real answers there.
This is a very bad deal for consumers looking to get out of a hole and rebuild their credit. The hard inquiries Rise made drove my credit ratings down for no good reason, AND they shared my info with other predatory lenders who continue to badger me. There are other options out there with similar interest rates, some lower, and they don't B.S. you like Rise does. Rise wants to rope you into the worst possible interest rate no matter what your credit score is. Look to CashCall for better options with bad credit. They're much more honest and forthright.
2 Updates & Rebuttals
Credit Scoring
#2Author of original report
Thu, August 20, 2015
I appreciate the credit score breakdown, and I'm well aware of the multiple agencies and scoring models. Rise specifically uses TransUnion scores for their creditworthiness calculations, as was told to me by two of their reps. The fact that the score that Rise reported was unchanged after nearly three months, and much lower than the 3-agency report I paid for that same month, is the real problem. This, coupled with the lack of an explanation and the runaround I dealt with over the phone and email, made for a very bad experience. If I have to take the hit of a hard inquiry on my credit, I at least expect an accurate report to come of it. The interest rate range that Rise advertises is from 36% to 225% (California). If applicants with the very lowest credit only qualify for the extremely high 225% rate, then one would think my score, even the incorrect one, would fall somewhere in that range. I'd be interested to hear from anyone who qualified for a lower rate, to see what their credit rating was. Anybody with a FICO score higher than 650 would presumably find a loan elsewhere, as they would qualify for much more reasonable financiers. Rise purports itself as a good option for people who have limited options, and may otherwise turn to payday loans and overdraft. Around the country, their rates range from 36% to 365%. While Rise may be a better option for some in dire straits, with a minimum loan is $2600, many people would have a lot of trouble getting out from under such a burden. We're talking $600 a month for a year or more. There are more reasonable options out there. I don't trust this company at all. Vultures like so many others.
Robert
Irvine,California,
USA
Credit Scoring
#3Consumer Comment
Thu, August 20, 2015
I am not going to go into how good/bad the loan you were offered was. I am going to strictly talk to you about Credit Scores.
First of all there are no less than a couple dozen Credit Scoring Models by several companies. Each one of those scoring models use different algorithms and as a result even with the same credit report you can get different scores. Oh and yes even with changes you can get the same score. For example if what you did to raise your score was to have a negative item removed, if the scoring model you used ignores that type of negative item your score would not be effected.
You then have the fact that there are 3 different credit reports, and each could contain different information. Which again could cause a different score.
What does all this mean? Well that even though TransUnion posted your score as high as 625, this loan company could be using a different scoring model such as FICO(the most widely used models). It could also be a case that they are looking at not just your TransUnion report but all 3, and then either take the average or one of the other scores to use as the basis for your "rating".
In the end the key to a "good" score regardless of what model is used is to have good credit. This means to pay ALL of your bills on-time, keep your revolving balances low, limit the number of inquiries, have a good "mix" of credit(that is Credit Cards, Personal Loans, Auto Loans, Mortgages...) and last but not least a long history of these positive items.
